Stocks retreated from record highs as Greece struggled for an agreement on budget cuts needed to ensure another round of rescue funds. Bank of America gained 1.7%, leading Dow advancers. Tech stocks managed to cut their losses in late trading, but the sector still closed largely in the red with the broader market. Micron lost 2.8% after an announcement of Mark Durcan as a new CEO following the death of Steve Appleton. Netflix turned back from its early losses rising 2.2% as the co. took a hit after Verizon said it formed a new joint venture with Redbox operator Coinstar. In the evening trade Coinstar surged 16% following upbeat earnings report. Implied volatility inched higher on the lightest trading volumes.
Tuesday, February 7, 2012
Closed in the red amid Greece jitters
Stocks retreated from record highs as Greece struggled for an agreement on budget cuts needed to ensure another round of rescue funds. Bank of America gained 1.7%, leading Dow advancers. Tech stocks managed to cut their losses in late trading, but the sector still closed largely in the red with the broader market. Micron lost 2.8% after an announcement of Mark Durcan as a new CEO following the death of Steve Appleton. Netflix turned back from its early losses rising 2.2% as the co. took a hit after Verizon said it formed a new joint venture with Redbox operator Coinstar. In the evening trade Coinstar surged 16% following upbeat earnings report. Implied volatility inched higher on the lightest trading volumes.
